News

Second Hand Bulkers In Demand But Few Deals Are Being Concluded
by hellenicshippingnews..
Wednesday, July 01, 2020
Demand for second hand bulkers has been strong, on the back of a strong freight market. However, deals are hard to conclude with sellers reluctant to let go of their assets in current pricing. In its latest weekly report, shipbroker Banchero Costa said that “in the dry bulk segment, with the ongoing spike in the ...

June container ship demolitions increase year-to-date volumes by 100%
by hellenicshippingnews..
Wednesday, July 01, 2020
June alone saw as many container ship demolitions as the first five months of 2020 combined, doubling year-to-date volumes. In June, 20 ships with a 48,915 TEU of container shipping capacity were sold for breaking in the three main sites of India, Pakistan, and Bangladesh. This marks a 40-months high level, the highest amount since ...

The EU Ship Recycling Regulation: Completing your IHM during COVID-1930 June 2020 (3o)
by hellenicshippingnews..
Wednesday, July 01, 2020
The EU Ship Recycling Regulation (the “EU Regulation”) was adopted in 2013 and is in essence an early implementation in the EU of the Hong Kong Convention for the safe and environmentally sound recycling of ships (adopted in 2009); both of which aim to reduce the negative impacts on human health and the environment arising ...

Thrown for a LOOP: Crude Exports in Surprising Surge at U.S. Offshore Port
by Reuters
Wednesday, July 01, 2020
By Laila Kearney NEW YORK, July 1 (Reuters) – Crude exports from the Louisiana Offshore Oil Port (LOOP) are hitting a record high even as U.S. crude exports have fallen as the coronavirus pandemic has chopped worldwide fuel demand. Oil majors Royal Dutch Shell Plc and BP Plc are the main winners from rising LOOP […]

Wärtsilä Announces Full-Scale Ammonia Engine Test
by Mike Schuler
Wednesday, July 01, 2020
Finnish technology group Wärtsilä will be conducting what it says it the world’s first long-term, full-scale testing of ammonia fuel in a marine four-stroke combustion engine. The project, which is made possible with more than $2 million grant from the Norwegian Research Council through the DEMO 2000 program, builds on Wärtsilä’s previous research on ammonia […]

Several Layoffs Reported at World Fuel Services
by Ship Bunker
Wednesday, July 01, 2020

Market chatter indicated the move came as a surprise to some in the bunker industry, after strong Q1 marine results.

Dry Bulk Shipping is Shrugging Off COVID-19. For Now
by Bloomberg
Wednesday, July 01, 2020
By Firat Kayakiran (Bloomberg) –The cost of moving commodities like coal and iron ore across the world’s oceans is surging as China lifts cargo purchases. Whether the rally will withstand the economic aftershocks of the coronavirus is a thornier question. Rates for giant capesize ships climbed to almost $31,000 a day on Wednesday, almost certainly […]

Ocean Alliance Takes the Lead on Asia-Europe Market Share
by The Loadstar
Wednesday, July 01, 2020
By Mike Wackett (The Loadstar) – The Ocean Alliance has overtaken the 2M alliance, adding the market share lead on the Asia-Europe tradelane to its already dominant position on the transpacific. The vessel-sharing alliance of CMA CGM, Cosco (including OOCL) and Evergreen did not follow rivals 2M and THE alliances in temporarily suspending an Asia-North […]

Oil Barrels Come Off the Water as Floating Storage Boom Fades
by Reuters
Wednesday, July 01, 2020
By Jonathan Saul LONDON, July 1 (Reuters) – Tens of millions of barrels of crude and oil products stored on tankers at sea due to the coronavirus crisis are being sold, in a sign fuel demand is recovering as lockdowns ease, shipping sources say. Fuel demand tumbled as much 30% from March to May, with […]

UK Coastal Residents Complain of Cruise Pollution
by Ship Bunker
Wednesday, July 01, 2020

Moored ships not helping local air quality, letter to local paper says.